Homebuyers have had to rethink home while navigating the challenges of 2020. The need for space and just the right location has been on the minds of many as an uncertain spring turned into a staycation filled summer. On REIN.com, here’s what homebuyers in Hampton Roads have been looking for as we head into a new year.
Hampton Roads is made up of several cities that have unique qualities that appeal to buyers. The top cities buyers searched were Virginia Beach, Chesapeake, and Norfolk. Virginia Beach saw over 771,507 listings searches. It’s one of the largest cities in Hampton Roads and is known as a beach destination with endless parks, restaurants, and entertainment. Chesapeake saw 452,263 listing searches throughout the year. Offering a suburban living experience but settled right on the border of rural North Carolina, Chesapeake is well known for family living. A short drive can take you into the surrounding cities of Norfolk and Virginia Beach with unlimited activities. Norfolk saw 263,318 listing searches. It’s known for its lively downtown area which offers dining and entertainment experiences with a vibrant art district.
REIN.com allows buyers to exclude “deal breakers” from their home search to fine-tune their results. The top two excluded features were Condo/Co-op fees and HOA/POA fees. While no one likes to pay fees, there are pros and cons to owning a property with fees. Check out our blog if you’re unsure of what a Homeowners Association HOA is and if it’s right for you.
Buyers can also make sure they see their must-have features in their search by using our inclusion feature. One of the top features buyers often included in their search were homes with a garage. If you’re coming from renting into homeownership, this can be a big deal. It’s a great way to stow and preserve your car, but it’s also great for extra storage.
First-Floor Bed and Bath
Another top must-have feature was the first-floor bed and bath. Baby boomers are getting older, and having a bedroom on a lower level has its benefits as they head into years where they plan to be less mobile. Some may use this as a mother-in-law suite as they move in grandparents to care for or to help with the surge of homeschooling and virtual learning.
Many of us found ourselves spending a lot more time at home searching for summer entertainment. Many longed for more out of their outdoor living spaces. A pool is an easy way to have a safe water park-like experience right at home.
Beds and Baths
Depending on your nuclear family size or if you live in a multi-generational household, your bed and bath desires can vary. The most popular bed search requirement was three or more bedrooms. The most popular bathroom search was three or more bathrooms.
November 2020’s median sales price was $275,500. The residential median sales price rose 13.69% year-over-year, the largest annual increase in more than six years! Throughout 2020, REIN.com had 230,701 views of homes over the price range of $250,000 compared to those searching below that price range at 76,398 views.
In a hot market like ours, it’s important to know what buyers want and don’t want. If you’ve been on the fence about selling your home and your home has a lot of features that buyers are looking for, now may be the time to jump into the market.
Connect with one of our 7,000 agents to help you list your current home and/or find the perfect fit for you and your family. If it’s a question of what you can afford, check out our mortgage calculator to help estimate your monthly payments. For local listings you can trust, start with REIN.com.
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